CEO of ASX-listed company says Bitcoin ETF ‘not far away’

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Kin Wai Lau

The boss of an Australian cryptocurrency firm says Bitcoin adoption is gaining steam and believes regulators will soon approve a Bitcoin ETF.

Kin Wai Lau, CEO of FatFish Internet Group, told CNBC that global markets will be ready for a Bitcoin ETF in a “couple of months.”

“I think it’s pretty much a matter of time until we see the SEC approves an ETF, ” Mr Lau said.

“It’s just which organisation will be able to come up with the most comprehensive tools, in terms of monitoring and in terms of being able to create liquidity.”

Last month, a commissioner at the SEC heavily criticised the decision of her colleagues to reject a second bid by Tyler and Cameron Winklevoss to list shares of what would be the first-ever Bitcoin ETF.

Commissioner Hester M. Peirce said in a statement on the SEC’s website she’d “respectfully dissent” from the Commission’s order disapproving a proposed rule change to list and trade shares of the Winklevoss Bitcoin Trust on BATS BZX Exchange.

Kin Wai Lau believes the SEC will eventually change its stance and says the overall outlook for Bitcoin is positive.

He says the “general consensus” is that the Bitcoin price is headed towards US$10,000 – $15,000.

“The are lots of predictions on how far the Bitcoin price will go, but I think adoption is growing the demand,” he said.

The share price of Mr Lau’s FatFish Internet Group has been hit hard by falling cryptocurrency prices.

The company holds investments in Singapore-based cryptocurrency exchange start-up, ‘Kryptos-X’, and Malaysian-based cryptocurrency mining operation, ‘APAC Mining’.

At the time of publication, Bitcoin was trading at $7,322.

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